Douglas Dayton, who helped to transform his family's department store into what is now the Target Corporation, passed away at the age of 88, the Associated Press reported.

Dayton was the youngest of George Nelson Dayton's five sons who, in 1948, took over the family's department store in downtown Minneapolis. He served as Target's first president from 1960 to 1968 before leading the Dayton Hudson department store parent company, which was eventually consolidated into Target Corp., according to the report.

"Doug was instrumental in helping to guide the strategic direction of Dayton Hudson Corporation for many years and institutionalize the values that are at the heart of Target Corporation today," said Target's current President and CEO Gregg Steinhafel, in a statement.

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